Tuesday 6 December 2016

What it says in the papers: business pages

Published 30/05/2016 | 07:05

Here are the main business stories from this morning's papers:

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Irish Independent

* The IDA has been warned not to chase finance services firms from Britain at any cost, if the UK votes to leave the European Union, by a key figure on the board that oversees the Central Bank.

Businesses should not be courted to come here, if they will not provide a real benefit to the economy, former ESRI chief and current member of the Central Bank governing commission, John Fitzgerald said.

* Custom controls could be set up at the border with the North in the event of a Brexit vote, the Taoiseach has warned.

Enda Kenny made a plea to Irish people living in Britain to vote ‘Remain’ next month, saying Ireland would be one of the worst affected countries should the UK choose to leave the European Union.

* The Government will slash the rate of Capital Gains Tax (CGT) for new start-ups to 10pc from next year, bringing the environment more in line with the UK.

In Budget 2016, a reduced capital gains tax rate of 20pc was introduced on the sale of all or part of a business with an overall limit of €1m in chargeable gains.

The Irish Times

* Tech giant Amazon is to expand its European headcount by hiring an extra 500 high-tech jobs in Dublin. The jobs will be in the area of software engineers and custoemr support.

According to a report in The Irish Times, Amazon is expanding to keep up its rapid rate of expansion.

* Permanent TSB is set unveil a new current account product in order to win switcher business from other banks.

According to a report in The Irish Times, PTSB is understood to be incentivising customers by offering the possibility of making money from their accounts should they do enough electronic transactions.

* Irish financial firms are fearing the effect of fintech companies on their future business, new research from PwC has shown.

The accountancy firm says Irish firms fear losing up to a fifth of their business to the rapidly growing sector.

Irish Examiner

* Taoiseach Enda Kenny has urged Irish living in the UK to vote to remain within the EU saying that Ireland would be one of the worst hit countries if the UK leaves the EU.

The Taoiseach also warned that border control could be established with the North in the event of a Brexit.

* New figures from the Irish Exporters Association have shown that two thirds of businesses increased their export volumes in the first three months of the year.

According to a report in the Irish Examiner, the new data shows 62pc of exporters increased their sales into overseas markets.

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